Investors continue to gobble up restaurant stocks, sending shares of a handful of well-known eateries further into record territory.
The six names below have been a huge hit with the momentum crowd. They are up an average of 55% this year, well more than double the return for the benchmark S&P 500.
For Starbucks (NASDAQ:SBUX), it’s the company’s 35th record close this year. If you’d bought SBUX back on May 3 when it first broke out to new highs you’d be up 30% right now.
To underscore the momentum theme, Papa John’s (NASDAQ:PZZ) is on track for its 38th record close this year. Make it no. 30 for Texas Roadhouse (NASDAQ:TXRH), 29 for Dunkin’ Donuts parent Dunkin’ Brands (NASDAQ:DNKN), and 26 for Buffalo Wild Wings (NASDAQ:BWLD).
The group is also benefitting from lower energy prices, especially gasoline, which is expected to be hit a three-year low in the coming months. This leaves consumers with more discretionary income to spend on things like dining out.
Restaurant Record Highs